Hello once again everyone and welcome back to my latest report on market activity for the Lake Oroville real estate market.

As has been the case over the last number of weeks, this weeks market activity is extremely light. While it is good for sellers that values have improved, it would not be a healthy situation if the weekly number of homes selling stays at the level at which it currently finds itself. In fact, sales numbers for the first two months of 2014 have Oroville homes sales on the slowest pace in over 6 years.

A big congratulations to our associates, Marie Hawkins and Steffan Blaser for successfully and diligently representing their respective clients in the sale and purchase of this home in the Kelly Ridge subdivision in the Lake Oroville real estate market.

Whoever “they” is says that everything happens for a reason.

That must be why it has been over a month since we visited regarding the weekly state of the Lake Oroville real estate market. In all honesty as each week came and went, and because I am certainly not a professional blogger by any means, I struggled to find the words I thought were needed to summarize each week’s activity. Especially given the fact the not much was different from one week to the next.

But just like “they” said, I now think I know the reason. Over the past 5 weeks in the Oroville real estate market we have seen a widening gap between Lake Oroville area home’s original asking price and the price at which it actually sells. To see this trend more clearly here is the “Reader’s Digest” version of my weekly Lake Oroville homes sales report. Here is what I think you can take away from this information, especially if you are a seller:

1. The widening gap between between original list price and the final sales price of Oroville area homes shows that some agents have demonstrated an “irrational exuberance” in pricing homes for their sellers when valuations bounced off the overdone drop in values. Remember that many agents will purposely recommend an inflated price to get the sellerto list the home for sale and then go back in a couple of weeks to convince the seller that the price needs to be reduced.

2. The inventory of homes is NOT loosening up as many homeowners, who would like to sell their Lake Oroville homes, still owe more on their mortgages than their home are worth. It is my belief that we will not see any significant increase in Lake Oroville area homes on the market until values get back to 2005-2006 levels, which, for many Oroville homeowners, could be more than a couple of years from now, or, the banks release more homes onto the market. ( if they actually have any to put on the market). Whether it be one or both of these things that occur, once it does, the rate that values have been increasing over the past 6 months will be a thing of the past and may actually back track somewhat. In other words, putting your home on the market now ( if you are able to) may be the best time to do so.

3. Based on the activity level in my office, the lack of an increase in the number of “Pending” sales is the a result of a shortage of quality, reasonably price homes on the Oroville market. As a homeowner who is considering the possibility of placing your home on the Lake Oroville real estate marketyou should seriously consider your price-point. It is easy to get wrapped up in the hype that you can promptly sell your home even if you price it a little high, because “you can always come down when an offer comes in.” But remember this: Quality, experienced, knowledgeable buyers agents will not show obviously overpriced homes to their clients and they won’t waste everyone’s time by writing an offer on one either. They will just patiently wait on you to reduce your price and then make a offer even lower than that.

MLS Stats for Oroville Area

Week Ending

Week Ending

Week Ending

Week Ending

Week Ending

11/7/2013

11/14/2013

11/21/2013

11/28/2013

12/5/2013

Avg. List Price

$188,044

$131,322

$145,620

$129,785

$154,580

Avg. Sold Price

$189,978

$130,044

$140,840

$124,746

$149,700

Sold Price % of Listing Price

101.03%

99.03%

96.72%

96.12%

96.84%

Avg. Original List Price

$196,717

$141,378

$150,020

$139,008

$169,780

Sold Price % of Original Price

96.57%

91.98%

93.88%

89.74%

88.17%

# of Single Family Listings

173

173

169

167

165

# of Pending Sales

63

67

67

67

67

Data compiled from the CRMLS multiple listing service for single family homes in the

Here we are once again to take a look at the latest weekly market activity for the Lake Oroville homes sales market.

As with nearly every week for the past two months there is certainly nothing earth-shattering going on in the Oroville real estate market. Thanks to a couple of sales in the higher price ranges, the average sold price and the total value of Oroville area homes sold looks to be improving. But be careful not to get fooled here. With so few homes selling, it is very easy for a couple of large sells to tilt the numbers.

If you are wondering where the sales numbers may go in the coming weeks keep your eye on the very last line of the chart. The number of pending sales is a great future indicator of the trend we will see 30-45 days from now regarding completed sales of Oroville homes. It has been flat for weeks now, indicating that we will not be seeing any significant increases in closed sales in the near term.

This is the 5th week in a row that the gap has grown between what an home in the Lake Oroville real estate market was originally priced at and at what price it actually sold. This gap may continue to increase as there is still a number of homes coming to market that have been……well, let’s just say,…………optimistically priced.

MLS Stats for Oroville Area

Week Ending

Week Ending

Week Ending

% Change

6 Month

9/26/2013

10/3/2013

10/10/2013

Previous Week

Average

# of Total Sales

14

11

9

-18.18%

11

# REO/Short Sales Sold (SS)

7

5

1

-80.00%

4

% Sales that are REO/SS

50.00%

45.45%

11.11%

-75.56%

36.24%

Avg. List Price

$127,479

$140,205

$196,031

39.82%

$140,198

Avg. Sold Price

$127,007

$134,536

$189,617

40.94%

$135,787

Sold Price % of Listing Price

99.63%

95.96%

96.73%

0.80%

96.80%

Avg. Original List Price

$136,893

$151,800

$217,800

43.48%

$148,463

Sold Price % of Original Price

92.78%

88.63%

87.06%

-1.77%

92.92%

Avg. Days On The Market

123

56

83

48.21%

65

Total Sales Volume

$1,426,100

$1,479,900

$1,706,550

15.32%

$1,544,030

# of Single Family Listings

184

177

175

-1.13%

172

Days of Inventory Left

92

113

136

20.84%

120

# of Pending Sales

77

71

72

1.41%

77

Data compiled from the CRMLS multiple listing service for single family homes in the

Greater Oroville real estate market area including the areas of Oroville, Palermo, Concow,

The sleepy real estate market in the Lake Oroville area continues to hit the “snooze” alarm as the market seems to be sleep walking through yet another month.

When a market turns as this one has over the past few weeks some may think that the buyers are beginning to leave the market. If the recent activity in our office is any indication what is going on in overall home sales activity in the Oroville real estate market, that thinking would be incorrect. For example, I have shown more buyers Oroville homes for sale in the past couple weeks than I have at any other time this year. The buyers are not sitting on the sidelines worrying about interest rate increases. The fact is that Oroville buyers are now shopping more cautiously, and are beginning to consider the actual value of the homes at which they are looking, not wanting to overpay for their next home.

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